Fitch Upgrades Pittsburgh to BBB, Citing Approval of 2005 Budget

AUTHOR(S)

O'Brien, Elizabeth

PUB. DATE

February 2005

SOURCE

Bond Buyer;2/1/2005, Vol. 351 Issue 32061, p5

SOURCE TYPE

Trade Publication

DOC. TYPE

Article

ABSTRACT

The article reports that Fitch Ratings Inc. upgraded Pittsburgh's debt to an investment-grade BBB from BB yesterday largely because the City Council last month approved the 2005 budget for the long-struggling city. Towards the end of 2004, city officials voiced concerns that Pittsburgh would run out of cash. To help avert a crisis, Pennsylvania lawmakers in November passed a bill oyerhauling the city's tax code. Pittsburgh had been trying to change its tax structure for three and a half years, said city director of finance and budget Euen McLean.

ACCESSION #

15896697

Related Articles

Reports the reduction in the designated debt ratings for the outstanding general obligation bonds of the city by Fitch Ratings company in Deerfield Beach, Florida. Increase in the spending pressures and delays by city commissioners; Decline in the fund balance of the city; Debt rating assigned...

Report of the upgrade of the outstanding utility debt of Richmond by Fitch Ratings in Virginia. Cash flow needs for capital project in fiscal 2003; Success of the city in cleaning up the James River; Compliance of federal environment regulations.

Reports the announcement of warning on the debt status of Holy Cross Hospital by Fitch Ratings company in Chicago, Illinois. Inability of the hospital to recover ongoing operational losses; Debt rating designated to the hospital.

Reports on a downfall in the rating of debt owed by the Boca Raton Community Hospital in Florida by credit rating agency Fitch Ratings Inc. Factors that contributed to the downgraded rating; Effect of the downgrading on revenue bonds issued by the Palm Beach County Health Facilities Authority;...

The article reports that Fitch Ratings Ltd. has downgraded 3.4 billion dollars of debt in Los Angeles, California from AA-minus to A-plus due to the failure of policymakers in the city to balance its budget and plan to drain its general fund reserves.

The article focuses on the statement of Fitch Ratings, rating agency to keep Detroit water and sewer bonds at investment grade levels, which states that the company is guiding the debt as the city continues to boost its high profile restructuring program.

Reports on the upgradation of ratings on the general obligation debt for the city of Cleveland in Ohio by Fitch Ratings Inc. as of November 5, 2002. Successes achieved by the city in the financial sector; Growth of the city's services sector; Constituents of the sale of bonds scheduled for...